Economic development is a dynamic process in East and Southeast Asia, and one that is inextricably tied to policy.

Two new groundbreaking political economy publications are now available from the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC), and a third is forthcoming in August.

Going Private in China: The Politics of Corporate Restructuring and System Reform, addresses many key reform questions faced over the past two decades by China, as well as by Japan and South Korea. Edited by Stanford China Program director Jean C. Oi, this volume demonstrates the commonalities between three seemingly disparate political economies. In addition, it sheds important new light on China's corporate restructuring and also offers new perspectives on how we think about the process of institutional change.

In Spending Without Taxation: FILP and the Politics of Public Finance in Japan, former Shorenstein Fellow Gene Park demonstrates how the Japanese government established and mobilized the Fiscal Investment Loan Program (FILP), which drew on postal savings, public pensions, and other funds to pay for its priorities and reduce demands on the budget. Referring to FILP as a "distinctive postwar political bargain," he posits that it has had lasting political and economic effects. Park's book not only provides a close examination of FILP, but it also resolves key debates in Japanese politics and demonstrates that governments can finance their activities through financial mechanisms to allocate credit and investment.

The Institutional Imperative: The Politics of Equitable Development in Southeast Asia, by former Shorenstein Fellow Erik Kuhonta, argues that the realization of equitable development hinges heavily on strong institutions and on moderate policy and ideology. He does so by exploring how Malaysia and Vietnam have had the requisite institutional capacity and power to advance equitable development, while Thailand and the Philippines, because of weaker institutions, have not achieved the same levels of success.

More detailed descriptions about these insightful volumes, as well as reviews and purchasing information, are available in the publications section of the Shorenstein APARC website.

Platts Coal Trader International
Vol. 11, Issue 67, Pages 5-6

Australia faces serious challenges over the next 20 years in maintaining its hard-won place as a leading coal exporting country and capturing new market share, according to a research paper published by Stanford University's Program on Energy and Sustainable Development April 5.

Following earlier papers on China, Indonesia and South Africa's coal industries, the latest PESD paper, entitled Australia's Black Coal Industry: Past Achievements and Future Challenges, has been written by coal industry expert Bart Lucarelli.

The paper sketches the development of Australia's export coal industry, from its shaky start in the aftermath of the Second World War amid a glut of cheap oil, to the "phenomenal success story" of today.  The renaissance of Australia's coal industry was assisted by the discovery of vast deposits of high-quality coking coal and thermal coal in Queensland's Bowen Basin and the

Hunter Valley of New South Wales respectively, along with new mining technologies and the economic expansions of Japan, South Korea and Taiwan, Lucarelli said.

During the Australian coal industry's competitive phase - 1987 to 2003 - export coal prices were relatively stable, but the growth rate of Australia's coal industry slowed as Indonesia became a significant coal exporter.  Since 2003, Australia's coal industry has been in a "volatile price phase," as export coking and thermal coal prices have soared to record highs with the entry of China and latterly India into the international seaborne market, while weather events have affected supplies from coal exporting countries.

Looking to the next 20 years, Lucarelli forecasts serious challenges to the preeminence of Australia's export coal industry in the shape of infrastructure constraints, regulatory risks and under-investment in railways and ports by government-owned companies.  "The most pressing and immediate technical challenge to the black coal industry of Australia is the shortage of rail and port infrastructure to support its further growth," said Lucarelli in the research paper.

‘Chronic infrastructure shortages' Governments in Queensland and New South Wales have proposed projects for expanding their rail and port networks to support a significant increase in Australian coal exports, which are forecast to grow to 540 million mt by 2020 from 240 million mt in 2010.  "Part of the reason that chronic infrastructure shortages are likely to persist has to do with the type of technology being implemented - large rail and fixed land port systems," Lucarelli explained.  Large port and rail projects are required for economies of scale, but involve long lead times, high upfront costs and complex regulatory clearances. 

"A second reason for the chronic shortage of infrastructure has been the reliance on state-owned entities to make the necessary investments in the rail and port systems," Lucarelli said. Government-owned rail and port companies tend to be less nimble and entrepreneurial in their decision-making than the private sector, though some port and rail companies have been privatized recently - most notably Queenslandbased rail company QR National and the port of Brisbane.  Regulatory uncertainty stemming from the Australian government's stop-start policy on curbing carbon emissions and its proposed Mineral Resource Rent Tax on coal-mining profits are additional factors clouding the expansion of Australia's coal industry.  "Potential coal mining projects most at risk due to regulatory uncertainty are the massive new steam coal projects planned for the Galilee, Gunnedah and Surat basins," Lucarelli said.  Illustrating the potential for expansion within Australia's coal industry, Lucarelli said that if only two of the advancedstage projects in the Surat Basin in Queensland started production on schedule, they could add 110 million mt/year of thermal coal exports by 2015.  This is almost as much thermal coal as Australia exported for the whole of 2008, at 115 million mt. 

On March 26, 2011, Gi-Wook Shin, director of the Stanford Korean Studies Program (Stanford KSP) and the Walter H. Shorenstein Asia-Pacific Research Center, presented the keynote address "Teaching Korea to Korean American Students" at a gathering of two hundred Korean-language instructors organized by the Korean Schools Association of Northern California (KSANC).

Shin pointed to the connection between language and identity, emphasizing the importance of developing Korean-language skills in children of Korean ethnicity growing up in the United States. He noted the dual significance of having a strong, well-rounded Korean American identity: one rooted in a solid understanding of Korean language, culture, and history, with also a firm sense of being American.

KSANC is a non-profit organization dedicated to providing Korean-language instruction and programming about Korean culture and history to children and adults. Through its outreach activities, Stanford KSP helps to support the mission of KSANC and numerous other non-profit education organizations throughout Northern California.